Part 10

Special rules about charitable trusts etc

Other exemptions

Exemption for offshore income gains
535
1
Offshore income gains accruing to a charitable trust are not taken into account in calculating total income.
2
Subsection (1) applies if the gain is applicable and applied to charitable purposes only.
3
In this section “offshore income gain” has the same meaning as in Chapter 5 of Part 2 of the Offshore (Tax) Funds Regulations 2009 (
S.I.
2009/3001
).
4
See regulation 31(3) to (5) of the Offshore Funds (Tax) Regulations 2009 (
S.I.
2009/3001
), which—
a
applies where property held on charitable trusts ceases to be subject to charitable trusts, and
b
provides for any gain accruing under that subsection to be treated as an offshore income gain not accruing to a charity.
Words in s. 535(4) substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 129(4)(b)
Words in s. 535(3) substituted (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 129(4)(a)